Sanctions Force Iran to Switch to “Extra-Territorial” Refineries ...Middle East

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Sanctions Force Iran to Switch to “Extra-Territorial” Refineries
Iran is relying on a network of foreign refiners to secure demand for its crude oil amid the stranglehold of sanctions, Argus has reported, citing export data and sources from the industry. Last year, Iran’s crude oil production rose by a sizeable 650,000 bpd, the report noted, largely thanks to an improvement in exports, which averaged almost 1.3 million barrels daily, per Vortexa data. That’s up from about 1.05 million bpd for full 2023 and a little over 800,000 bpd for 2022. As in previous years, the bulk of those daily exports…

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